Online and Mobile Banking - Ireland - September 2012

Description

Description

Although online banking is now the most frequently used retail banking channel by Irish consumers (though not the most widely used, a position that branches still hold), other personal finance-related technological initiatives have not yet captured consumers' imagination or enthusiasm to anything like the same extent. Mintel's consumer data show that 60% of RoI and 50% of NI consumers do almost all of their banking online nowadays. When it comes to relatively straightforward banking activities (such as checking balances, transferring funds and paying bills), online banking platforms are the first port of call for most internet users.

The other main tech-enabled developments – mobile banking and contactless cards – are still in their emergent phase. Even though smartphone ownership now exceeds 50% throughout Ireland (and continues to grow), around three quarters of internet users never use mobile banking, while only a very small minority use it on a regular basis. There is even less interest among consumers in contactless payment card technology: only 18% of RoI and 15% of NI internet users claim to be interested in using contactless payment cards. Although this is partly due to concerns over security, the biggest obstacle may be convincing consumers that this payment method offers real benefits to them.

Some questions answered in this report include:

Impact of environmental factors – How are internal market and broader market environmental factors impacting upon consumers' current and future use of the online banking and mobile banking? These factors include internet usage and access, smartphone ownership, general experience with technology and the internet, economic difficulties and consumer confidence.

Alternatives to tech-enabled payments – What are the main alternatives to technology-enabled or electronic payment methods?

Preferred channels and means of accessing accounts – What channels and means of access are Irish consumers using on a regular and frequent basis?

Attitudes towards online banking – To what extent do consumers recognise and value the benefits of online banking? Are consumers confident about the security of online banking? Are consumers sufficiently comfortable with online banking that they would be willing to use an online-only bank?

Attitudes towards mobile banking – Do consumers recognise the benefits that mobile banking could provide them with? How confident are Irish consumers in the security of mobile banking? How aware are consumers of the availability of mobile banking apps?

Attitudes towards contactless cards – Are consumers concerned about the security of contactless payment technology? Do consumers regard contactless cards as being much more convenient than current payment methods? How interested are consumers in using this technology?

What's included

What's included

Databook

Executive Summary

Infographic Overview

PowerPoint Presentation

Report PDF

Previous Editions

Table of contents

Table of contents

Issues in Market

Key themes

Definition

Data sources

Consumer data

Abbreviations

Trend Application

Open Diary

Objectify

2015 Trend: Access Anything, Anywhere

Market in Brief

Economic improvement in sight, but challenges remain

Consumer confidence remains low among both sets of consumers

More consumers use and have access to the internet

Positive attitudes towards technology and the internet

Branches still have strong importance for consumers

Irish consumers are still using cheques (but not that much)

Using cash as means of payment still popular among consumers

More consumers registered for online banking, but activity down

Branches and ATMs most widely used channels to access accounts

Consumers have generally positive attitudes towards online banking

Consumers not yet convinced about contactless payments technology

No real enthusiasm among consumers for mobile banking

Around a tenth of consumers are enthusiastic followers of technology

Internal Market Environment

Key points

Internet access and usage continuing to grow among Irish consumers

Figure 1: Consumers who have accessed the internet in the last 12 months, RoI and NI, 2004-11

Figure 2: Consumers who have an internet connection (broadband or dial-up) at home, NI and RoI, 2004-11

About the report

This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

The Consumer

What They Want. Why They Want It.

The Competitors

Who’s Winning. How To Stay Ahead.

The Market

Size, Segments, Shares And Forecasts: How It All Adds Up.

The Innovations

New Ideas. New Products. New Potential.

The Opportunities

Where The White Space Is. How To Make It Yours.

The Trends

What’s Shaping Demand – Today And Tomorrow.

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.